08 January 2018
Days into the New Year and our thoughts are turning to making changes for the better in our lives. From finding a new job to making those much-needed home improvements, there are all kinds of resolutions that we make as the year rolls in.
The last few years of austerity has placed a lot of pressure on individuals, families and businesses. It looks set to continue for some time yet too, in some guise or other.
But there could be your own personal light at the end of the tunnel: PPI compensation. Will this new year be the year you finally make your claim for PPI compensation?
Payment protection insurance (PPI) is a generic name given to an insurance policy that protected repayments on a debt should you be unable to continue with payments. This could be because you were too ill to work or lost your job for example.
It sounds a great solution to protect you and your family, as well as your credit score, more so considering the age of financial austerity we have found ourselves living in.
But there were a few problems with PPI. In a nutshell, the product was expensive, and it didn't offer the brad level of cover that many customers thought it did.
The bank or lender also has an unfortunate habit of selling it to people 'no matter what'. In other words, there was a fairly good chance that the policy didn't cover the customer AT ALL.
But, people bought it - some customers were advised to buy it - and we continued to buy, blindly trusting the bank or lender that they were doing the best for us.
But, the policy was, in effect, misrepresented to you. You were told a lot of things about it; it was compulsory, for example, or, it stood your loan or mortgage application in a better light if you took out the PPI policy as well as the loan.
But this wasn't the case. It was a policy that had such a narrow and defined set of terms and conditions, that most customers were unlikely to be covered.
You were mis-sold the policy.
As the new year arrives, you will, no doubt, have made a few promises about changes you will make this year. Why not make claiming your money back after being mis-sold PPI one of them?
Your claim could be worth anything from a few hundred pounds to thousands. The average pay out - the amount calculated after adding up the value of the billions of policies sold by the millions of customers affected - is £2,750.
Isn't it time YOU claimed your money back?